New Century Financial Group LLC Has $501,000 Position in ServiceNow, Inc. $NOW

Key Points

• New Century Financial Group LLC reduced its stake in ServiceNow, Inc. by 53.5% during the second quarter, resulting in ownership of 487 shares valued at approximately $501,000.
• Recent analyst upgrades have raised the price targets for ServiceNow, with several firms including Mizuho and Needham & Company setting targets between $1,100 and $1,250, indicating strong market confidence.
• ServiceNow reported a quarterly earnings per share of $4.09, exceeding analysts' expectations and showcasing a revenue increase of 22.4% compared to the same quarter last year.

New Century Financial Group LLC trimmed its position in ServiceNow, Inc. (NYSE:NOW - Free Report) by 53.5% during the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 487 shares of the information technology services provider's stock after selling 560 shares during the quarter. New Century Financial Group LLC's holdings in ServiceNow were worth $501,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently modified their holdings of NOW. Brighton Jones LLC raised its stake in ServiceNow by 1.1% in the 4th quarter. Brighton Jones LLC now owns 2,753 shares of the information technology services provider's stock worth $2,919,000 after purchasing an additional 30 shares in the last quarter. Merit Financial Group LLC increased its holdings in shares of ServiceNow by 61.3% during the first quarter. Merit Financial Group LLC now owns 4,918 shares of the information technology services provider's stock worth $3,915,000 after purchasing an additional 1,869 shares during the period. ST Germain D J Co. Inc. raised its position in shares of ServiceNow by 63.3% in the first quarter. ST Germain D J Co. Inc. now owns 49 shares of the information technology services provider's stock valued at $39,000 after buying an additional 19 shares in the last quarter. Secure Asset Management LLC boosted its stake in shares of ServiceNow by 20.8% in the first quarter. Secure Asset Management LLC now owns 574 shares of the information technology services provider's stock valued at $457,000 after buying an additional 99 shares during the period. Finally, Bay Rivers Group grew its position in ServiceNow by 11.4% during the first quarter. Bay Rivers Group now owns 2,885 shares of the information technology services provider's stock worth $2,297,000 after buying an additional 296 shares in the last quarter. Institutional investors and hedge funds own 87.18% of the company's stock.

Analysts Set New Price Targets

A number of analysts have recently weighed in on NOW shares. Mizuho upped their target price on ServiceNow from $1,050.00 to $1,100.00 and gave the company an "outperform" rating in a research report on Thursday, June 12th. DA Davidson upped their price objective on shares of ServiceNow from $1,150.00 to $1,250.00 and gave the stock a "buy" rating in a research report on Thursday, July 24th. Needham & Company LLC raised their target price on shares of ServiceNow from $1,050.00 to $1,200.00 and gave the company a "buy" rating in a report on Thursday, July 24th. BMO Capital Markets boosted their target price on shares of ServiceNow from $1,150.00 to $1,160.00 and gave the company an "outperform" rating in a research report on Thursday, July 24th. Finally, Piper Sandler increased their price target on shares of ServiceNow from $1,120.00 to $1,150.00 and gave the stock an "overweight" rating in a research report on Thursday, July 24th. One equities research analyst has rated the stock with a Strong Buy rating, thirty have given a Buy rating, two have given a Hold rating and one has issued a Sell rating to the company's stock. According to MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and a consensus price target of $1,122.20.

ServiceNow Price Performance

Shares of NOW opened at $909.88 on Friday. The company has a quick ratio of 1.09, a current ratio of 1.09 and a debt-to-equity ratio of 0.14. The stock has a market cap of $189.26 billion, a PE ratio of 114.59, a PEG ratio of 4.11 and a beta of 0.92. ServiceNow, Inc. has a 12-month low of $678.66 and a 12-month high of $1,198.09. The business has a 50-day simple moving average of $915.79 and a two-hundred day simple moving average of $928.77.

ServiceNow (NYSE:NOW - Get Free Report) last released its quarterly earnings results on Wednesday, July 23rd. The information technology services provider reported $4.09 earnings per share for the quarter, topping the consensus estimate of $3.57 by $0.52. The company had revenue of $3.22 billion for the quarter, compared to analysts' expectations of $3.12 billion. ServiceNow had a return on equity of 18.04% and a net margin of 13.78%.The business's quarterly revenue was up 22.4% compared to the same quarter last year. During the same period in the previous year, the business posted $3.13 earnings per share. Analysts anticipate that ServiceNow, Inc. will post 8.93 earnings per share for the current fiscal year.

Insider Transactions at ServiceNow

In other news, CFO Gina Mastantuono sold 1,762 shares of the firm's stock in a transaction on Monday, August 18th. The shares were sold at an average price of $866.45, for a total transaction of $1,526,684.90. Following the completion of the transaction, the chief financial officer owned 12,228 shares of the company's stock, valued at approximately $10,594,950.60. This trade represents a 12.59% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO William R. Mcdermott sold 5,825 shares of ServiceNow stock in a transaction on Thursday, August 28th. The stock was sold at an average price of $916.63, for a total transaction of $5,339,369.75. Following the transaction, the chief executive officer owned 6,614 shares in the company, valued at approximately $6,062,590.82. This trade represents a 46.83% decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders sold 18,737 shares of company stock worth $16,798,825. 0.38% of the stock is currently owned by insiders.

ServiceNow Company Profile

ServiceNow, Inc provides end to-end intelligent workflow automation platform solutions for digital businesses in the North America, Europe, the Middle East and Africa, Asia Pacific, and internationally. The company operates the Now platform for end-to-end digital transformation, artificial intelligence, machine learning, robotic process automation, process mining, performance analytics, and collaboration and development tools.

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